Chinese firm to set up $7.5bn refinery in Cross-River

A Chinese firm, Sino Arab Energy, SAE, in partnership with a local firm, Osabo Refining and Petrochemical Industry Limited, have concluded plans to build a refinery in Akabuyo, Local Government Area of Cross River State.

Agreement s for the construction of the refinery which is expected to refine 107,000 barrel of crude per day have been signed by the partnering firms, and is valued at about $7.5billion.

Speaking on the project, Hon Etim Effiong Okon, who is a member of the management team of Osabo Refining, said the process for the procurement of requisite licenses to establish and operate the refinery had fully commenced, while Akwa Esuk Eyamba, the community where the refinery will be located had donated 500 hectares of land for the refinery.

Okon, who represents Akpabuyo constituency in the state House of Assembly, also said the project partners will engage in the acquisition, exploration and development of oil blocks in the future, to complement refining operations.

He further revealed that the partners will also engage in the development of independent power plant, and the production of natural gas and oil; and real estate within the Niger Delta region as well as the West African Continental shelf.

According to the lawmaker, the refinery is expected to be completed within five years, with the first phase slated to commence in 2014, while the feedstock for the refinery would come from the several Niger Delta basin oil wells.
http://www.vanguardngr.com/2013/01/chinese-firm-to-set-up-7-5bn-refinery-in-c-river/